Consumer price indices, July 2022

Annual inflation still getting higher

In one year, consumer prices went up by 11%. Goods and service prices increased on average by 14% and 5.3%, respectively. As regards goods, non-durable goods prices went up by 17.9%, durable goods prices by 10.5%, and semi-durable goods prices by 2.8%.

The largest impact on annual inflation (2.1 percentage points) came from higher prices of petroleum products (liquid fuel prices increased by 49.7%, petrol prices by 41.1% and diesel prices by 41%). 2 p.p. was added by 13.5% higher prices of food. Electricity prices increased by 30.4% and added 1.1 p.p. to annual inflation. The prices of furnishings, household equipment and routine household maintenance increased by 12% and added 0.9 p.p. to inflation. 0.7 p.p. of impact came from 12.5% higher prices of motor cars, while 0.5 p.p. each came from catering services (more expensive by 9.2%) and products and services for recreation and culture (more expensive by 4.8%). 0.4 p.p. each was added by higher prices of natural and town gas (up by 58.9%), solid fuels (up by 49.2%) and heat energy (up by 43.3%).

In one year, wireless telephone services became 5.4% cheaper, which lowered the inflation by 0.1 p.p.

Monthly inflation at 1%

The largest impact (0.5 p.p.) on monthly inflation had higher prices of petroleum products (diesel prices increased by 9.5%, petrol prices by 8.8% and liquid fuel prices by 2.2%). Higher prices of package holidays (by 8.6%) added 0.3 p.p. and higher prices of other services in respect of personal transport equipment (by 6.9%) 0.2 p.p. 0.1 p.p. each was added by solid fuels (by 14.1%), services of restaurants and hotels (by 1.1%), motor cars (by 1%) and furnishings, household equipment and routine household maintenance (by 0.8%). All other price increases added additional 0.3 p.p.

Due to summer sales, the prices of clothing and footwear were lower by 8.2% compared to the previous month, which decreased monthly inflation by 0.6 p.p. Monthly inflation was lower by additional 0.1 p.p. due to 4% cheaper fruit.

Harmonised indices of consumer prices

Measured with the harmonised index of consumer prices, the annual growth of consumer prices was 11.7% (in July 2021 2%). The monthly price growth was 0.9% (previous month 2.3%).

On average, goods prices went up by 14.6% and service prices by 6%. As regards goods, non-durable goods prices went up by 19%, durable goods prices by 8.9%, and semi-durable goods prices by 3.7%.

Measured with the harmonised index of consumer prices, in June 2022 the annual inflation rate in the EMU countries was 8.6% (up from 8.1% in May). In the EU-27 Member States it was 9.6% (up from 8.8% in May). The lowest annual inflation rate was recorded in Malta (6.1%) and the highest in Estonia (22%); in Slovenia it stood at 10.8%.

Table with the latest data is available in the SiStat Database.